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/ 4 June 2008

Wall Street puts its money behind Obama

Wall Street is putting its money behind Democrat Barack Obama for president, despite worries that his administration would raise taxes and take a tougher line on trade and regulation. The signs Wall Street reads point to Democrats prevailing in the November presidential and general election as voters punish the incumbent Republican party.

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/ 25 March 2008

Ogilvy win ends Tiger’s streak

Australian Geoff Ogilvy parred his final nine holes on Monday, including a crucial chip-in at the 13th, to win the World Golf Championships CA Championship and end Tiger Woods’s seven-tournament win streak. Darkness halted Sunday’s storm-interrupted final round with Ogilvy needing to finish the back nine and Woods five off the pace with seven to play.

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/ 22 January 2008

Fed slashes US rates in bid to thwart recession

The United States Federal Reserve on Tuesday slashed a key interest rate by a hefty three-quarters of a percentage point, the biggest cut in more than 23 years, after a two-day global stocks rout sparked by fears of a US recession. ”The Fed is very, very, very worried,” said John Tierney, an analyst at Deutsche Bank.

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/ 16 January 2008

China’s booming budget hotels profit from no frills

German engineer Michael Bosch is not fazed by the lack of a gym and other creature comforts at his budget hotel in a converted Shanghai office building. He’s stayed at such hotels on nearly a dozen trips to Chinese cities. ”All I need is a clean, warm place to sleep. I don’t care so much about service,” the 32-year-old said as he waited for 10 minutes for a distracted receptionist to attend to him at a Motel168 on the edge of Shanghai’s financial district.

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/ 13 October 2007

US court gives nod to apartheid claims

A United States appellate court on Friday allowed claims brought by victims of apartheid against dozens of major companies to go forward, saying a lower court erred in ruling it did not have jurisdiction over the matter. The plaintiffs include South Africa’s non-profit Khulumani Support Group.

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/ 1 October 2007

World credit crunch claims another victim

UBS AG, the world’s largest wealth manager, unveiled $3,4-billion in losses, has swept out senior managers and slashed jobs in one of the biggest casualties yet of the worldwide credit crunch. UBS said on Monday it will write down a net four billion Swiss francs ($3,42-billion) in its fixed-income portfolio and elsewhere.

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/ 10 September 2007

European shares fall as fears grow over US outlook

European stocks fell by midday on Monday in a choppy session as gains in commodity stocks were overshadowed by mounting concern that the United States economy could be headed for recession after Friday’s dismal jobs report. Oil and gas shares were the top performers on the broader European market in spite of a fall in crude oil futures.